Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 24th of April 2018
July 27, 2011

Lancashire reports rising profits

by Richard Kilner

Story link: Lancashire reports rising profits

Lancashire Holdings Limited has reported its financial results for the second quarter and first six months of 2011.

Quarterly net profits increased from $84.8m to $88.9m, with net operating profits rising from $77.8m to $86.3m.

However, gross written premiums fell from $232.1m in Q2 2010 to $207.9m in Q2 2011 and net written premiums declined from $218.7m to $191.4m.

Biannual net profits increased by $4.5m to $97.5m, with net operating profits from from $85.7m to $93.2m.

In the first six months of the year gross written premiums fell from $460.1m to $379.8m and net written premiums fell almost $100m to $329.1m.

Group Chief Executive Officer Richard Brindle welcomed the strong performance Lancashire enjoyed and said that its quarterly results reflected the strength of its approach to underwriting.

The firm, which is presently based in Bermuda, has announced its intention to move to UK tax residency in the light of recently proposed changes to Controlled Foreign Companies (CFC) rules.

 

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